Las Vegas-area home prices unfazed by pandemic

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The latest figures from a Realtors trade organization for Southern Nevada show that home prices are holding strong amid the coronavirus pandemic.

In its monthly statistical pull for June, Las Vegas Realtors reported that the median sale price for an existing home in Southern Nevada, as reported by the organization's Multiple Listing Service, actually hit an all-time high at $325,000.

The previous record for an existing home was $319,000, which occurred in March at the beginning of the coronavirus economic downturn.

"The demise of the housing market due to COVID-19 was highly overrated," said Tom Blanchard, president of Las Vegas Realtors, in a statement. "The Las Vegas housing market is alive and well. Home sales increased 45% from last month. We're also adding homes to our overall inventory. The inventory may still be tight, but buyers are willing to pay more for a home here."

The June median price is up nearly 7% from the same month in 2019. For local townhomes and condos, the median price for an existing unit last month was just over $187,000, up more than 5% from June 2019.

According to Las Vegas Realtors statistics, the median price of a home in Southern Nevada bottomed at $118,000 in January 2012.

A total of 2,464 existing homes were sold in June, which represented a downturn of more than 15% when compared to the same month in 2019.

For townhomes and condos, the downward trend was more pronounced as 470 units sold, down 35% from June 2019.

The sales numbers for June, however, were up significantly — 45% for homes and 26% for townhomes and condos — when compared with May's totals.

There's now a two-month supply of available homes on the market, according to the report. That's down from the May report and about where the market was when the pandemic started.

A six-month supply of homes is generally considered to be a balanced market.

Formerly known as the Greater Las Vegas Association of Realtors, Las Vegas Realtors was founded in 1947. The group represents a membership base of over 15,000.

Tribune Content Agency
Home prices Housing market Purchase Housing inventory Coronavirus Nevada